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When and How Should You Modify Your Bike Insurance Policy?

14 July 2022, 10:39 PM

Many people get a two-wheeler insurance policy in a hurry to avoid legal entanglements or choose a policy based on lower premiums without considering their coverage needs. However, after using the plan for a while, policyholders may realize that their current plan is inadequate and need to change their insurance coverage. This article includes all the information you need to change your bike insurance policy in India

Insurance Policies for Two-wheelers

Third-party Policy

The third-party insurance plan protects you against financial commitments to a third party in the event of physical injury, death, or property destruction caused by an accident involving your two-wheeler. In addition, as part of this insurance plan, personal accident protection may be selected.

Standalone Own Damage Policy

The standalone own damage bike insurance policy covers the costs of any loss or harm to your bike caused by an accident or a disaster such as a robbery, riots, or natural disasters, and so on. You may also incorporate add-on covers in your scheme.

Two Wheeler Insurance Policy (Comprehensive)

In addition to third-party liabilities, comprehensive bike insurance includes own damage coverage. Compared to third-party insurance, this plan provides a greater degree of protection. To expand your coverage, you may purchase add-on covers with this insurance. 

How Can You Modify Your Two Wheeler Insurance Policy Online?

Updating your two-wheeler insurance coverage is a simple procedure. The scenarios in which individuals often renew their policies and the methods for doing so are listed below.

When it's Time to Renew

When a policy is a contract that lasts for a certain amount of time, it is the least inconvenient time to switch insurance policies. The procedure for renewing a policy is identical to that for purchasing one. As a result, there is no need to be concerned with the complications of a separate approach. In addition, if you switch insurers, your no-claim bonus (NCB) for bike will be retained if you earn so.

Within the Policy Period

If you want to make a change during your policy period, you can switch insurers during that time. You should discuss your choice with your current insurer and execute the company's procedures. You can buy new insurance online in minutes, but ensure your old one is terminated.

Your Two-wheeler Has a New Owner

The insurance policy covers a specific vehicle. As a result, if you sell your two-wheeler, you can either transfer the insurance coverage to the new owner or cancel it. 

Vehicle Modification

A new bike will need the purchase of new insurance coverage. It is best to remember that your vehicle's insurance coverage does not depend on your motorbike dealer. It is not required to get new bike insurance from a bike dealer. Instead, you may do it online as per your requirements.

Two-wheeler Insurance Policy That Has Expired

Riding a bike without valid insurance coverage is illegal. Furthermore, if the interval is more than 90 days from the policy expiration date, you will lose accumulated NCB benefits. What's worse, you will need to buy a new insurance policy wherein vehicle inspection and a premium rise are evident.

Read more - How Modification Can Affect Your Two Wheeler Insurance?

Ways to Renew a Two-wheeler Insurance Policy in India

Using the Internet

To renew your two-wheeler insurance policy online, you must determine if you need the same coverage and wish to stay with the same insurance provider. If you want new coverage or are unsure how to change your bike insurance provider, you'll need to research and locate the most exemplary policy that matches your needs. To review the policy and acquire free rates, you may use aggregator websites or bike insurance calculators on each insurer's website.

Offline Methods

To renew your bike insurance policy offline, you'll need to contact a licensed agent or go to a branch office of an insurance provider. This usually includes filling out forms and submitting documentation, which is why some find it inconvenient. For a more simple and productive approach, it is recommended that you renew your bike insurance coverage online.

Read more - How to Renew Expired Two Wheeler Insurance Policy Online?

Things to Consider When Purchasing or Renewing a Bike Insurance Policy

Here's a checklist to remember when buying or renewing your bike insurance coverage from an online provider.

  • Your first step should be to assess your bike insurance needs and evaluate your present coverage. Then, you may decide whether to increase or decrease your cover.
  • Another thing to consider is whether you want to keep your current insurance provider when renewing your policy or go with an insurer recommended by someone when obtaining the policy. Examine the insurer and make an informed decision.
  • Remember to examine the features and advantages of several bike insurance policies online. This will assist you in finding the most excellent insurance and price match.
  • When obtaining insurance coverage, always read the terms and conditions. The policy statements provide all relevant information about its contractual terms. The same may be downloaded on the insurer's website.
  • Choose a comprehensive policy and a customer-friendly insurer.
  • Contact your selected insurance company's customer service representatives to assist you if you have questions.
  • Don't only consider bike insurance from a legal aspect. It's a strategy to keep your financial losses to a minimum.

Read more - Is Online Bike Renewal Really Safe?


1. Is it necessary to renew bike insurance annually?

You won't have to worry about annual policy renewals if you choose a long-term policy that can be valid for up to 5 years. You can choose from the various options available. 

2. Is it possible to switch bike insurance companies every year?

Switching to new bike insurance is an option that is possible only after you cancel your current policy.

3. How many times can you claim through your bike insurance policy in a year?

There are no limitations as such. You can be covered for up to the insured declared value (IDV) of your bike. The IDV amount is calculated after deducting the depreciation of the damaged parts. However, if you buy a zero depreciation bike insurance add-on cover with your comprehensive or standalone own damage, bike insurance policy, you can file a maximum of zero depreciation claims.

4. Can I renew my bike insurance online?

Yes, you can renew your bike insurance online. Whatever policy you may have bought from an insurance company, you can renew the same online. Just visit the website of the insurance company, feed bike, and insurance-related details to renew your policy.

5. Is it necessary to insure an outdated bike?

Regardless of whether the bike is old or new, you must insure it at the very least with a third-party bike insurance policy, as required by The Motor Vehicles Act, 1988. Riding without appropriate vehicle insurance is illegal, incurring penalties for you.


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